IEG chairman Lesa Ukman’s latest blog post (read it here) put me in mind of a phrase she coined about seven years ago to describe cosponsorships and cross-promotions conducted by complementary brands not under the same ownership: peanut butter and jelly partners. Like PB&J, they go together, but also stand apart.
In her blog, Lesa cites the example of a property with a spirits sponsor targeting a maker of mixers as a potential cosponsor. Based on actual sponsorships we have tracked the past few years, there are many additional PB&J partnerships that properties can consider.
So many of our rightsholder clients have been successful bringing in new sponsors by looking beyond the usual suspects.
One screen we use to identify new prospects is synergy with existing sponsors. For example, if a client has an official spirits company on board, it provides a hook to attract new dollars from complementary brands such as the Rose’s line of mixers from Dr Pepper Snapple Group. Include an activation overlay such as creating and promoting themed specialty cocktails, and you’re on your way.